Saab sale still possible

Now Reading:

Saab sale still possible

Text size Aa Aa

Saab has said its parent company, General Motors, will be flexible in its deadline for bids for the Swedish car marque.

GM had given itself to the end of this month to find a buyer. In the meantime it is winding down the loss-making company.

The main interest in taking over Saab has come from the tiny Dutch luxury carmaker Spyker.

Spyker’s Chief Executive, Victor Muller, said GM has extended the deadline for a final offer from his firm until 7 January.

Spyker, which is backed by Russian and Arabic investors, is keen to buy Saab to benefit from its technical resources and its distribution network.

GM is getting rid of assets after its debts forced it to opt for bankruptcy protection from its creditors.

It has already sold a number of Saab car and engine designs to China’s Beijing Automotive which plans to adapt those and start building them in China.

Saab, has also said that, after a partial shutdown, it will restart some production lines in January to fill outstanding orders.